Grand Canyon Education Inc (LOPE)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	70,760	50,354	51,866	53,755	—	58,057	66,344	74,630	82,916	91,202	99,488	107,774	211,060	207,888	199,994
Total stockholders’ equity	US$ in thousands	718,014	650,530	645,425	659,250	637,619	591,556	606,638	706,437	1,045,050	1,400,780	1,542,680	1,588,680	1,574,330	1,520,980	1,489,390	1,448,010	1,443,430	1,381,830	1,327,810	1,272,870
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.11	0.08	0.07	0.05	0.00	0.04	0.04	0.05	0.05	0.06	0.06	0.07	0.13	0.14	0.14

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $718,014K)
= 0.00

The debt-to-capital ratio of Grand Canyon Education Inc has consistently been reported as 0.00 across all quarters from Q1 2022 to Q4 2023. This indicates that the company has not used any debt to finance its operations and has relied solely on equity to fund its capital structure during this period. A debt-to-capital ratio of 0.00 reflects a low financial risk as there is no debt in the capital structure, which may be viewed positively by investors and lenders. It is important to note that a zero debt-to-capital ratio can also imply limited access to certain tax advantages associated with debt financing. Overall, the consistent zero debt-to-capital ratio suggests a conservative financial approach by Grand Canyon Education Inc.